PPT-The European Union and the Euro Crisis

Layna Mosley Dept of Political Science UNC Chapel Hill mosleyuncedu Cyprus March 2013 Cyprus joined EU in 2004 and the eurozone in 2008 Outline The making of Economic and Monetary Union EMU. She also teaches part t ime at the National University of Singapore An international relations expert she participates actively both in policy dialogue research and in academic workshops and conferences Her research interests revolve around comparat Carlos . Hurtado. *. . The Restructuring and Resolution of External Sovereign Debt . World . Bank. Annual . Law, Justice and Development . Week . . *Economic consultant, LCSPR, World Bank. The views are personal and do not reflect necessarily those of the World Bank. Jeffrey Frankel. Harpel Professor of Capital Formation and Growth. Harvard Kennedy School. State . of the E. uro. Center . for European . Studies. September . 22, 2015. 1. The . membership. should not have been expanded so . Assaf. . Razin. June 2010. Tracking the Great Depression by months into the Crisis. Eichengreen. and . O’Rourke. 2. And, after 1 year…. Shocks are of similar magnitude but different policy actions. Agenda. The European Union. Treaties. The European Central Bank. The Euro/Eurozone. Who does not use the Euro?. Pros/Cons. PIIGS. Converting to the Euro. Europa Series of Euro . B. anknotes. 2. European Economic Community . Economic Unity in the EU. Economic Cooperation in the EU. How does a common market unite Europe?. People have more choice in what to buy. Prices are lower w/o tariffs (taxes). The . euro, the common currency, . What caused the global recession of 08?. And thus caused the European debt crisis. America Sneezes and the World gets Pneumonia!. The Housing bubble bursts 2006. The bubble burst. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. Between August 2007 and October 2008, 936,439 US residences completed foreclosure!. Delegation of the European Union to the United States www.euro-challenge.org The Euro Area Economy Update What this presentation will cover: A. Update on the economic situation in the euro area (GDP, Inflation, Unemployment) Layna. Mosley. Dept. of Political Science. UNC Chapel Hill. mosley@unc.edu. Cyprus, March 2013. Cyprus joined EU in 2004, and the . eurozone. in 2008. Outline. The making of Economic and Monetary Union (EMU). 3BIS Review 81/2000Considering the first point, it has been suggested recently that national governments in the euro areashould pool their debt issuing in one central agency, acting on behalf of borro Editor Assistant : Claire Albus (Tel: 56455) Disclaimer : The views expressed in the BEPA Monthly do not necessarily reflect those of the European Commis- sion. 1 bepa monthly brief December 2012 / ContentsAbout SUERF 150 the European Money and Finance Forumhapter 1 ntroduction and overview The EU146s 147Northern148 enlargement 25 years on 150 stocktaking and some thoughts for the futureErnest G From Europe to the Euro. From Europe to the Euro. an outline. What is the EU. Before the Euro. The Euro. Time line. Map. United in diversity. Advantages/Benefits. Some definitions. Euro-zone. Advantages. 1. Financial crisis. Debt crisis. Bank crisis. Competitiveness crisis. Political crisis. Europe’s four crises. 2. The role of the euro. The crisis started in the US. . . but.... ...the euro locked it in:.